The launch of FIFOcoin is another example of the innovative ways WA is looking to solve the current skills shortage stifling progress in the state.
Workers keen to work on WA mine sites will get an option to have part of their salary paid in FIFOcoin – a cryptocurrency that exists on the Yewthereum blockchain.
Lead dev and brains behind FIFOcoin told The Times,
“Essentially we are cutting out the middle man here. A significant portion of miners’ wages goes towards crypto and they incur fees as part of that process. So paying them directly in crypto is win-win really”
We spoke to a young man who had just entered the industry. He opted to have his entire salary paid in FIFOcoin. He told The Times,
“I always said I wouldn’t get out of bed for anything less than $500k a year and when FIFOcoin moons I’ll have reached me target”
The young man then pulled out a chart that he clearly didn’t understand. Indicating that the “bottom was in” and this was a chance to “buy the dip”.
A bullish seasoned campaigner said he was going to “drive the pump n dump truck” to try and profit of his peers. Adding, “there’s no room for mercy when it comes to rugging“.
However, a more wary miner who had recently foolishly invested heavily in the Dogecoin hype was more conservative. Opting to only have 75% of his salary paid in the new coin. He told The Times,
“The crypto crash is a once-in-a-generation event to get back in at the bottom. Just ask anyone with a NFT profile pic, this won’t happen again. However, the misso will have me for brekkie if I don’t bring home some actual money each month ha ha”
The crypto incentive packages are expected to open the floodgates to the mining industry, with over 10,000 applicants submitted their interest on the day of the launch.
A vape juice subsidy is also in the pipeline however the details are yet to be finalised.
Documenting the Human Zoo is thirsty work, so if you enjoyed what you read how about buying Belle a beer, ay?